economic outcomes. The question is whether higher transparency comes at some cost, i.e. higher unemployment or higher … unemployment variability. Firstly, the article shows in a theoretical model that opaqueness regarding the central bank …’s preferences does not necessarily lead to lower unemployment. Secondly, the paper analyses the main theoretical results of other …

The inability of central banks to attain their target inflation rates in recent years has raised questions about the … extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence … since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights …

When inflation picks up, central banks are most concerned that the de-anchoring of inflation expectations and the … ignition of wage-price spirals will trigger inflation dynamic instability. However, such scenarios do not materialize in the … updated according to the actual inflation process, with indexed wages, and persistent inflation shocks. In these cases, a more …